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Anglo American subsidiary Kumba Iron Ore estimated annual production to improve in 2021, after reporting a rise in annual profit as higher prices offset a fall in production boosted performance.
For the year ended 31 December, pre-tax profit rose to R41.20 billion from R29.25 billion year-on-year and total revenue increased by 25% to R80.1 billion.
Production was 37 million tonnes in 2020, down 13% from last year but was this was offset by higher iron ore prices and a weaker rand against the dollar.
Looking ahead, Anglo America guided output in a range of 40 million and 41 million tons and forecast segmental underlying earnings before interest, taxes depreciation and amortization, or EBITDA, for iron ore, of $2.7 billion.
At 8:19am: (LON:AAL) Anglo American PLC share price was 0p at 2094p